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IEA Kept Global Oil Demand Growth Steady For 2024 at 1.2mbpd

OIL

Global oil demand growth is forecast to rise by 1.2mbpd, unchanged from last month’s report, according to the IEA Monthly Oil Market Report.

  • The IEA kept its global oil demand growth forecast for 2024 steady at 1.2mbpd to reach 103mbpd.
  • China, India and Brazil are expected to account for 78% of global oil demand growth this year.
  • On the supply side, global oil supply is set to rise by 1.7mbpd this year to 103.8mbpd, with non-OPEC+ supply accounting for 95% of the increase.
  • Non-OPEC+ supply will rise by 1.6mbpd this year, driven by output increases from US, Brazil, Guyana and Canada.
  • January crude oil output declined sharply by 1.4mbpd on the month, due to lower US production amid freeze offs and additional OPEC+ voluntary output cuts.
  • January freeze-offs in North America shut around 900kbpd of production capacity, while OPEC cuts accounted for a 300kbpd decline in production.
  • Refinery throughputs are set to rebound to 81.5mbpd this month. Atlantic Basin activity will recover from US weather-related disruptions that cut runs by up to 1.7mbpd.
  • 2024 refinery crude runs are forecast to rise by 1mbpd to 83.3mbpd, unchanged month on month.
Energy BulletsCommodities
Energy BulletsCommodities

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